Union Pacific (UNP) EVP adds shares through employee stock plan

Rhea-AI Filing Summary

Union Pacific Corporation executive Christina B. Conlin, EVP and Chief Legal Officer, acquired additional company stock through an employee program. On this date, she obtained 6.894 shares of Common Stock at $250.2100 per share, described as a purchase under the 2021 Employee Stock Purchase Plan. Following this transaction, her directly held position increased to 15,985.329 shares of Union Pacific common stock, indicating a routine, compensation-related acquisition rather than an open-market trade.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Conlin Christina B

Role EVP CHIEF LEGAL OFFICER & CORP

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	6.894	$250.21	$2K

Holdings After Transaction: Common Stock — 15,985.329 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Conlin Christina B

(Last) (First) (Middle)

1400 DOUGLAS STREET

(Street)

OMAHA NE 68179

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNION PACIFIC CORP [ UNP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP CHIEF LEGAL OFFICER & CORP

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/10/2026		A(1)		6.894	A	$250.21	15,985.329	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Purchase pursuant to the 2021 Employee Stock Purchase Plan.

	By: Trevor L. Kingston, Attorney-in-Fact For: Christina B. Conlin	03/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Union Pacific (UNP) report for Christina B. Conlin?

Union Pacific reported that EVP and Chief Legal Officer Christina B. Conlin acquired additional common shares. She obtained stock through a compensation-related transaction, increasing her direct holdings and reflecting participation in a company employee stock purchase arrangement.

How many Union Pacific (UNP) shares did Christina B. Conlin acquire and at what price?

Christina B. Conlin acquired 6.894 shares of Union Pacific common stock at a price of $250.2100 per share. This small addition modestly increased her direct ownership stake as disclosed in the Form 4 filing for this transaction.

What is Christina B. Conlin’s total Union Pacific (UNP) shareholding after this transaction?

After the reported acquisition, Christina B. Conlin directly holds 15,985.329 Union Pacific common shares. This total reflects her position immediately following the 6.894-share purchase disclosed in the Form 4, showing her ongoing equity stake as a senior executive.

Was Christina B. Conlin’s Union Pacific (UNP) transaction an open-market buy?

The transaction was not an open-market buy. The footnote states the purchase occurred pursuant to the 2021 Employee Stock Purchase Plan, indicating a compensation-related acquisition rather than a discretionary market purchase of Union Pacific shares.

What type of transaction code was used in Christina B. Conlin’s Union Pacific (UNP) Form 4?

The Form 4 shows transaction code “A,” labeled as a grant, award, or other acquisition. This code indicates an acquisition of Union Pacific common stock, consistent with a purchase under an employee stock purchase plan rather than a regular market trade.